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प्रश्न
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Monopolistic competition is a blend of perfect competition and monopoly. Discuss the statement by giving two reasons.
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उत्तर १
A monopolistically competitive market is a blend of both a perfectly competitive market and a monopoly market.
Features of Perfectly Competitive Market:
- Large number of firms.
- No barriers to entry or exit.
Features of Monopoly Market:
- Product differentiation refers to how each company creates a product that differs slightly from that of rivals.
- Close substitutes but no perfect substitutes.
उत्तर २
Monopolistic competition is considered a blend of perfect competition and monopoly because it shares characteristics of both market structures.
- Large Number of Sellers (Like Perfect Competition): In a market with many companies, no single company has control over the entire industry. This is close to perfect competition.
- Product Differentiation (Like Monopoly): Each firm offers a differentiated product through branding, quality, or features, allowing them to have some monopoly power in pricing.
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
In which type of market price discrimination is practiced? Explain with an example.
Explain three features of Perfect competitive market.
How is Perfect competitive market is different from a monopoly market?
'Homogeneous products' is a characteristic of ______.
Differentiated products is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
Indian Railways is an example of ______.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
The seller in a monopoly market is a price maker.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Define monopolistic competition.
Give an example of monopsony.
Give two characteristics of perfect competition.
Define product differentiation.
Why is there no need for selling cost under perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Shampoos
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
A single buyer
Name the market in which there is a single buyer and many sellers.
Define monopoly.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Ball-pen
With the help of an example explain the meaning of price discrimination.
Why can a monopolist charge different prices in different markets?
Which market form has the least number of producers?
What does perfectly elastic demand curve faced by a competitive firm indicate?
In what respects does oligopoly differ from monopoly?
Identify the market form from the following.
Firm is a price maker.
There is inverse relation between price and demand for the product of a firm under ______.
Mention one feature of a monopoly market.
Why an individual firm under perfect competition cannot influence the market price?
Which of the following is an example of a perfectly competitive market?
In which type of market are firms interdependent and a few large firms dominate?
Which statement correctly describes monopsony?
